Plastic2Oil Inc (PTOI)

[Stock]

Has this been updated, anybody know?

Watch out, new investors... 27-Nov-11 01:05 pm

Mr. Bordynuik started this 'venture' in late 2008 and still isn't anywhere with his 'secret catalyst' which he claims allows him to make crude oil and diesel for less than $10/bbl ($0.25/gallon) by using that catalyst with simple pyrolysis of waste plsatic.

Mr. Bordynuik purchased controlling interest in a shell company in April 2009 for $80,000 and two months later he said he was in P2O operations. He purchased a small Blest pyrolysis machine that he said could convert 1 kg of plastic to crude oil and that he said provided him with all the evidence he needed to show it works.

Mr. Bordynuik then purchased an off-the-shelf pyrolysis setup from Donghe in China as his commercial setup. Donghe was certainly happy since there isn't too much call for pyrolysis setups--they just sell the machines to hopefuls. It took Mr. Bordynuik an excruciatingly long ten months to actually set up the machine which is unusual since it was already to assemble. Finally in April 2010 everything was in place and he had a shareholders meeting for the great unveiling. Look back on IHub's message board and you can see the excitement.

But then Mr. Bordynuik threw in a new twist, that the setup wasn't 'quite' ready...he just needed a simple air permit to be able to burn pyrolysis off-gasses.

No problem as shareholders again eagerly waited for that simple permit. The permit we know now only takes less than three weeks to get but Mr. Bordynuik didn't fill out the ten-page application for another seven months!!

Ok, he finally submitted the application in November 2010 and it was approved shortly after in early December 2010. Mr. Bordynuik then announced that commercial operations had commenced! Shareholders cheered and the stock rallied from the $0.50's to about $4 over the next few months.

Now it's a year later after he announced commercial operations and there still are no commercial operations. Some sales of 'petroleum distillate' to Coco Asphalt appear to be anything but actual plastic-derived and the 10Q indicate the processor has been silently downgraded to reasearch and development. We're now waiting for processors #2 and #3 which will supposedly be the money makers...right after Mr. Bordynuik builds a machine shop to build the processors. Yes, JBI had silently converted to explicity doing what Donghe already does, but implicitly selling shares is the real business.

Besides the story of trying to get one processor up and running commercially, Mr. Bordynuik interdispersed numerous 'deals' and joint venture stories, none of which ever panned out. The latest is RockTenn giving free waste plastic to JBII (which Mr. Bordynuik previously said he could get for free from anywhere). Mr. Bordynuik milks the stories and then introduces new stories as the old ones vanish and are forgotten.

I don't know the psychological mechanism but many of the current shareholders are drunk on koolaid and are content to continually reset their "tik tok" timelines while religiously re-affirming their belief that Mr. Bordynuik is honest and really has a revolutionary catalyst. They're going to ride the stock to zero and nobody can convince them that Mr. Bordynuik is dishonest, despite the fact that he's a prolific liar. Don't start drinking the koolaid or you may become one of them.